Bitcoin Fees Fall to Record Low

The reduction of the commission size is caused by a decrease of spam transactions, mempool decrease, and popularity growth of SegWit transactions
30 January 2018   1552

Over last few days, Bitcoin users faced with a significant reduction in transaction fees along with decreasing of unconfirmed transactions mempool size.

Thus, if at the end of last week to confirm the transaction in the next block it was enough to pay 10-12 satoshi / bytes, by Tuesday morning this figure decreased almost 10 times.

Thus, the average cost of a transaction in a dollar equivalent to date is only $ 0.25 - a really big decline compared to $ 30 - $ 40, which users had to pay back in late December / early January.

In part, these figures are explained by the overall decrease of bitcoin's price, but it is obvious that the commission itself fell noticeably: three or four weeks ago, more than 100 satosh / bytes were required to confirm the transaction quick.

It can also be assumed that the amount of spam transactions on the network has been noticeably reduced.

Also worth paying attention to the mempool: today its size is less than 40Mb, although in mid-January this figure reached 140MB.

Bitcoin Mempoool
Bitcoin Mempoool

The percentage of SegWit-transactions in the bitcoin network, which also help to reduce the commission, on Sunday reached a record of 18.3%. As of Tuesday morning, January 30, its share in the total volume of transactions is estimated at 16%.

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   239

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.
 

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.
 

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.